Calibrated approach to bank privatisation needed: Industry leaders

The government sounded the bugle on privatisation of state-owned enterprises in its recent Budget. Should public sector banks be privatised as well? What is the way forward, and how soon can this be achieved? In November 2021, “Bank privatisation: Undoing 1969”, brought together some of the best minds — former RBI deputy governor SS Mundra; former SBI chairman Rajnish Kumar; BCG India Chairman Janmejaya Sinha; and former secretary to the Government of India KP Krishnan — to debate the issues. Edited excerpts:

What was the purpose of bank nationalisation, and has it been served?

Janmejaya Sinha: In 1969, banks were